Bucharest, 20 May – As European businesses increasingly rely on automated financial workflows, fragmented banking data has become a major bottleneck for digital platforms, especially for accounting, invoicing, and other financial management platforms. While Open Banking has significantly expanded access to bank connectivity in recent years, product teams still face a persistent operational challenge: inconsistent transaction formats, fragmented bank schemas, unreliable metadata, and manual reconciliation processes that slow down automation.
Today, Finqware, a leading European-licensed payment institution, announces the launch of FinqData, a high-performance Account Information Service (AIS) API designed for multibank data aggregation that transforms raw data into structured, automation-ready financial data.
Built for digital platforms, FinqData provides a unified gateway to real-time banking data across Europe while handling the complexity of financial data normalization behind the scenes. Through a single integration, FinqData provides access to one of the largest Open Banking connectivity networks in Central and Eastern Europe, spanning over 150 banking institutions across 20 countries.
Instead of simply retrieving raw bank feeds, the platform delivers cleansed, labelled, and standardized financial data that can be directly consumed by accounting systems, billing and invoicing software, and other financial management applications.
From Connectivity to Data Quality
Finqware asserts that Open Banking is transitioning beyond basic connectivity and maturing into a “Quality Era,” where operational reliability is essential. FinqData is built specifically for this transition. Beyond simple bank connectivity, the API delivers real-time banking data across Europe, but with a critical distinction: the data is delivered in a cleansed, labelled, and enriched format ready for immediate consumption by accounting software, billing and invoicing software and other digital finance platforms.
“Most developers underestimate how much engineering time is spent cleaning and standardizing banking data after the bank connection itself is already established,” said Elena Cosma, Chief Product Officer at Finqware. “The first generation of Open Banking solved access to bank data. The next challenge is making that data operationally reliable. We built FinqData on top of our battle-tested aggregation platform, consolidated during the last 6 years to serve ultra-reliable and secure data to banks and corporate customers.”
Powering the Next Generation of Financial Platforms
FinqData is designed for companies building the next generation of financial products and operational systems.
For accounting platforms, it reduces the operational burden of bank reconciliation and transaction matching. For lenders and embedded finance providers, it enables faster access to verified financial information for risk assessment. By removing the friction of manual bank exports, inconsistent transaction data, and fragmented banking interfaces, FinqData helps companies move from reactive financial operations toward real-time financial automation.
With the launch of FinqData, Finqware aims to define the next stage of Open Banking infrastructure in Europe — one focused not only on access to financial data, but also on delivering high-quality, immediately usable, reliable, and automation-ready financial data.
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